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Unit Assignment analysing data

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Sources of information: Internal source of information are that which come from data and statistics that are personally owned by the company. Internal information may take the form of sales figures, personnel records, customer records, and financial documents such as trading, profit and loss accounts and the balance sheet. External information is which comes from outside the business. This is gathered via mainly secondary information methods such as newspapers and magazines, the internet etc.

External Source of information: External source of information is what information has been collected by one organization and then re-used for the same reason by the second organization.

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For example, if a government department has conducted a survey of, say, family food expenditures, and then a food manufacturer might use that data in the organization’s evaluations of the total potential market for a new product. No marketing research study should be undertaken without a prior search of secondary sources (also termed desk research).

There are several grounds for making such a bold statement.

C] External sources of information can yield more accurate data than that obtained through primary research. This is not always true but where a government or international agency has undertaken a large scale survey, or even a census, this is likely to yield far more accurate results than custom designed and executed surveys when these are based on relatively small sample sizes. External source of information can be extremely useful both in defining the population and in structuring the sample to be taken.

For instance, government statistics on a country’s agriculture will help decide how to stratify a sample and, once sample estimates have been calculated, these can be used to project those estimates to the population. External source may be available which is entirely appropriate and wholly adequate to draw conclusions and answer the question or solve the problem. It is far cheaper to collect data from an external source than to obtain primary data. For the same level of research budget a thorough examination of secondary sources can yield a great deal more information than can be had through a primary data collection exercise.

The time involved in searching secondary sources is much less than that needed to complete primary data collection. Marketing information: Marketing information is used by the businesses to identify what products and services are most successful. The marketing team collects all the information from different departments to promote certain products and services based on current success. Marketing source of information can produce good and reliable information for research purposes. The main advantages of marketing information are: Marketing information is critical for planning.

You cannot do planning without information. For planning, the first thing which is needed is the organizations capabilities, then the business environment and finally competitor analysis. Marketing information system is very important for decision making. Lots of data can be collected from the market. But the main word here is “Organizes”. Organizing data is very important else the data is meaningless. Marketing information helps you organize your data collection therefore improves productivity.

Marketing information provides control as you have information of the various processes going on and what is happening across the company. Thus it provides you with a sense of control. Source: http://www. Nominees. Co. UK/) The above graph shows population of United Kingdom resident who are age 16 to 74, the numbers on the left show the population of each region ; For example: London has more population (4500000) than the rest of regions. Three main locations would recommend are: London, South East and North West CAIRO road show is more likely to attract more young people in London than in north east (2000000).

Further-more London has easy transportation facility so if CAIRO aim audience are young people then they may want to make the road a show bit attractive so that young people feel like going there and they will have no problem in going there. South East England is one of nine official regions of England at the first level of NUTS for statistical purposes. It consists of Berkshire, Packinghouse, East Sussex, Hampshire, the Isle of Wight, Kent, Oxford, Surrey and West Sussex.

South East is also good region for a road show because the population there is almost as high as London (4000000) which means the road show is more likely to attract people to the show. North West is one of nine official regions of England it consists of counties of Cheshire, Cambric, Manchester, Lancashire and Impressive. The North West region is the third largest region in England with 3,224,701 populations. It will be a good idea to do roads in this region because it is the third largest region and there are more people than East (2,650,835).

Manchester is also a big city which means the road will attract more people. The above data is from an external source of information (http://www. Nominees . Co. UK/) and I believe that the information is reliable because the website is run by government and its non-profit website. The information is helpful because t gives us accurate data of the population of United Kingdom resident who are age 16 to 74 from different regions and for this scenario we can make a decision about where is the best place for the road show should to take place.

The above places are the top three places for the road show because they are more populated and crowded than other regions of the country do its more likely that the show will attract more audiences. According to the data London population is greater than other regions such as North West. However London main disadvantage is its traffic. If the show takes place in central London then people from other areas might not bother to come because of bad traffic which means that despite the fact that London has more population than any other regions it still has a downside which can have an overall effect on the show.

Similarly South East region is also a considerable place for the show because it is the second largest region with population just over 4000000(Aged 16-74). It’s very easy to get there and the traffic always run smoothly compare to the London traffic. The problem with this region is that it can hard for people from the north because t will take them longer and cost more to get here which means that some might not come and this can have an effect on the organization’s message that they want to get across the country.

Cite this Unit Assignment analysing data

Unit Assignment analysing data. (2018, Jun 30). Retrieved from https://graduateway.com/unit-assignment-analysing-data/

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